Financial close for USD1.16 billion Hospital PPP project in Australia

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Financial close for USD1.16 billion Hospital PPP project in Australia

The Plenary Health consortium has achieved financial close on the single largest health infrastructure investment in the State of Victoria, the AUD1.5 billion (USD1.16 billion) new Footscray Hospital.

The new hospital will feature more than 500 beds, enabling care for almost an additional 15,000 patients and an extra 20,000 people to be seen by the emergency department each year. It will also deliver more outpatient, palliative care and mental health services ensuring the community can access quality care closer to home.

The hospital is being delivered as a public-private partnership, with Western Health as the public operator of all clinical services and Plenary Health contracted by the Victorian Government to finance, design, construct, and maintain the hospital for 25 years following construction completion.

Equity financing is provided by Plenary (70%) and Sojitz (30%). An integrated design team is led by Cox Architecture and Billard Leece Partnership.

Debt is being provided by leading domestic and international banks NAB, Westpac, Mizuho, Norinchukin, Crédit Industriel et Commercial and Nippon Life.

Construction is expected to get underway shortly, and the new hospital is set to be completed in 2025.

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